TCS rises on expanding long-standing partnership with Phoenix Group

Tata Consultancy Services is currently trading at Rs. 3519.50, up by 48.85 points or 1.35% from its previous closing of Rs. 3470.65 on the BSE.

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The scrip opened at Rs. 3472.00 and has touched a high and low of Rs. 3523.30 and Rs. 3472.00 respectively. So far 1333 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 1 has touched a 52 week high of Rs. 3856.00 on 16-Feb-2022 and a 52 week low of Rs. 2926.00 on 26-Sep-2022.

Last one week high and low of the scrip stood at Rs. 3523.30 and Rs. 3407.05 respectively. The current market cap of the company is Rs. 1269928.66 crore.

The promoters holding in the company stood at 72.30%, while Institutions and Non-Institutions held 22.25 % and 5.45% respectively.

Tata Consultancy Services (TCS) has expanded its long-standing partnership with Phoenix Group, UK’s largest long-term savings and retirements provider, to digitally transform the latter’s ReAssure business using the TCS BaNCS based platform.

Phoenix Group acquired ReAssure, a UK-based life insurance provider, in 2020, and has now engaged with TCS to drive synergies and enhance customer experience for ReAssure’s policyholders.

The expanded partnership will result in a transformation of ReAssure’s operations, consolidating the heritage business on the same future-proof TCS BaNCS based digital platform used to administer Phoenix Group’s other books of business.

Customer administration and servicing of ReAssure’s 3 million policies will be managed by Diligenta, TCS’ regulated subsidiary in the UK, on behalf of Phoenix Group. The contract for the end to end business transformation including administration services is valued at over 600 million pound.

TCS’ solution will help Phoenix transform the end-to-end customer service through self-service across channels and analytics to enhance customer satisfaction and retention.

TCS will leverage its Innovation Lab in the UK where its contextual experts and solution architects look for new ways of harnessing digital technologies to enhance the experience for policy holders, advisers, employers and operational staff, and to continuously improve the service quality for Phoenix Group’s customers.

At a strategic level, this business transformation initiative will integrate the ReAssure business into the resilient platform that has been enabling Phoenix Group to quickly respond to changes in the environment, and seize new opportunities for growth.

TCS is an IT services, consulting and business solutions organization that has been partnering with many of the world’s largest businesses in their transformation journeys for over 50 years.

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